My understanding is that it would 'capture' to the same sequencer that currently has to be armed. So the editing capabilities would be the same ones as if you sequenced normally, and that varies model by model.

But even if it only recorded to a dedicated area that offered nothing other than the ability to name it and save it as an SMF, it could STILL be opened by the arranger's own sequencer and edited there...

Although the hard drive and USB audio recorders are handy tools, you can basically forget any kind of editing (can't fix one bad note in a chord once it is audio!), so I still think that MIDI capture is the best option, and probably the easiest to implement...